can anyone help????

smithy44
smithy44 Registered Posts: 31 💫 🐯 💫
in AAT Level 4 (Level 8 in Scotland)
A question I am the treasurer for my daughters after school club and we have just received our accounts for last year. There is a line on the accounts stating Creditors: amount falling within one year, can anyone give me a definition of what this covers.

Comments

  • rach40
    rach40 Registered Posts: 8 Regular contributor ⭐ 😼 ⭐
    Creditors are the people you owe money too and amounts falling within one year are those amounts which are less than a year old.

    I think that is correct .
    hope that helps.
  • sdv
    sdv Registered Posts: 585
    You have short term creditors (less then 12 months) and long term creditors

    current liabilities (short term)

    trading creditors
    VAT
    PAYE
    Accruals

    Long Term (Non-current) Liabilities (due over 12 months)
    Bank Loan
    Director's loan
    Mother-in-law's loan


    Hope this helps
  • reader
    reader MAAT, AAT Licensed Accountant Posts: 1,037
    I thought the director's loan account was a short term liability, i.e. a loan due within 1 year. Am I wrong?
  • smithy44
    smithy44 Registered Posts: 31 💫 🐯 💫
    Thanks guys, just wanted to make sure i wasn't thinking the wrong thing as i didn't agree with the creditors figure on the clubs year end accounts as it didn't tie up with what i had so i checked with the accoutant and he has changed it now were a making a profit not a loss, just shows nobody is perfect, but makes me wonder if we have the right accountant!!!

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